Because the stock market is such a corrosive mix of greed, anxiety and mass mental illness, we’ve started leading off The Morning Line with an entertaining distraction. The scene above is from the extraordinary Once Were Warriors, a 1994 New Zealand film about a Maori family struggling to survive a destructive cycle of poverty, alcoholism and domestic violence. Along with the critically acclaimed Biutiful and City of God, it is one of the three grittiest and most memorable films we’ve ever seen, opening with an explosive bar fight that has stayed with us for 30 years. Make an effort to see all of these films if you’ve tired of the swill and kiddie fare churned out by Hollywood nowadays.
Calling All Traders!
Instead of the edgy market commentaries that used to appear in this space, we now devote the time and effort to making the Rick’s Picks Trading Room an unbeatable source of timely, profitable ideas for novices and professionals. We also share our interviews concerning the stock market and the economy. Click here for the most recent of them, a breezy chat with Howe Street’s Jim Goddard about the stock market’s baffling buoyancy in the face of a possible GOP disaster on November 3, and how Musk could eventually wind up owning…everything.
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Two major crashes had very similar signatures. Both crashed withing 2 to 2.5 months of the all-time high. Both had a crack in the market within days of the all-time high with a 2.5% one day drop. Both first saw a correction being labeled as it hit the 10% drop and remained around there till the final few days leading up to the crash. The 1929 crash, which i am leaning towards in this next drop had a 2 day crash October 28, 29 totaling 25%. the dead cat bounce right after was historic in speed and height and lasted just 2 days. the next 2 weeks saw lower lows. From that all time high to lows we dropped over 47%. Will W.Buffett be vindicated.
The crazy world situation, political arena, 40 plus year disinflationary environment propped up all asset classes to seem indestructible and in a forever pattern. Our mental Pollyanna attitude seems similar to the roaring 20’s The next crash will be a long journey and long winter.
Welcome home, Gary.
Thanks for featuring this, Rick. I have added it to my list to watch later.